Forecast update for Gold -05-08-2026

A. O. Smith Corporation (AOS) surged higher in recent intraday trading after previously finding support at its 50-day Simple Moving Average (SMA), allowing the stock to regain positive momentum and post strong gains. The rally came after the stock successfully worked off its overbought conditions on the momentum indicators, with a bullish crossover now beginning to emerge, further strengthening the positive technical outlook. In addition, price action continues to move alongside a short-term bullish corrective trendline that reinforces the prevailing upward bias.

The EURUSD pair extended its gains in its last intraday trading, benefiting from the ongoing dynamic support due to its trading above EMA50, reinforcing the stability and dominance of the bullish corrective trend on the short-term basis, on the other hand, we notice a negative crossover from the relative strength indicators, after reaching overbought levels, which could cast doubt on the pair’s ability to sustain its upward trend in the near term, which couldn’t end the positive scenario.

Ethereum (ETHUSD) rose carefully on its latest intraday levels, supported by the emergence of the positive signals from the relative strength indicators, nevertheless, the negative overview remains valid with the effect of breaking a main bullish trend line previously on the short-term basis, with a continued negative pressure due to its trading below EMA50, which intensifies the negative pressure that threatens these gains to reverse in the near upcoming period.